Seigniorage Monetization Of Research With China's Economic Growth

I. Main content and basic thought of the dissertationLong been existed since the birth of specie, seigniorage has been experiencing changes with the development of currency form and money system. At the early stage of metal currency times, gold could be minted into gold coins with freedom, and the worth of mintage material itself equaled the par value of the coins, therefore coin minter could get no extra revenue. At that time, anyone could have coins minted by offering the mintage material and certain payment to the mint, which is the early concept of seigniorage. As a matter of fact, the early seigniorage was the balance that the coin minter got after the mintage cost was subtracted from the expense that coin buyers paid. At the late stage of metal currency times, however, finding out impure noble metal currency also could be in circulation corresponding with their par value, the coin minters thereupon adopted impure noble metals to mint coins. By this means the extra balance between par value and actual worth of currency was obtained and the seigniorage was produced accordingly.Afterward with the replacement of specie by banknotes whose issue was monopolized by the government authority, the seigniorage covered a large part of national revenue. And now the world has stepped into the age of electronic currency. It is self-evident that electronic currency has brought great impact on seigniorage. It is possible that the incisive viewpoint of"Currency Non-nationalization"and"Free Currency"predicted by Hayek (1996) may come true and seigniorage may take further changes in future.Since there has been no ample study on seigniorage although some work has been done in the academic circles, the author gives a relatively overall analysis of seigniorage on the base of studious research and exploration in the dissertation. During the process of studying seigniorage, the author has observed the monetization phenomenon of global economy, and discovered that seigniorage has different function and influence on the monetization course in different countries. In the author's opinion, the problem of seigniorage is put forward when analyzing the currency amount of a currency system from a static angle, however, the problem of monetization is raised when reviewing from a dynamic angle. Seigniorage and monetization are two economic phenomena that can be accomplished without coming into conflict, for monetization is produced...